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Accounting Blockchain Coalition Launches in Advance of New York City Blockchain Week

An alliance of business leaders drawn from various business sectors has been formed called the Accounting Blockchain Coalition (ABC).  The announcement of the Alliance was made in advance of the upcoming New York City Blockchain Week that is being held from May 11th to May 17th.  As part of that week, the ABC Blockchain Accounting, Audit and Tax Conference will be held on May 17th at the Microsoft Technology Center.

The Alliance is bringing together leaders from accounting, law, tax, technology and higher education to focus on educating businesses and organizations on accounting matters relating to digital assets and distributed ledger technology, including blockchain. The full day conference will feature presentations from leading accounting firms, enterprise users, technology experts, regulators, and others who will focus on how blockchains can be applied in various industries.

As blockchain technology is implemented across industries, the ABC will promote best practices and serve as a knowledge-sharing platform to capitalize on opportunities being presented via the emerging technology. The ABC is now forming work groups and planning monthly knowledge-sharing meetings and events.

"Blockchains are fundamentally changing how the world does business. The move from client/server architectures to blockchains will create new legal, tax, technology and regulatory challenges, as well as opportunities for companies. It will mean more digital assets, new business models, new financial instruments and new fundraising methods, just to name a few," said David Deputy, president, ABC and director, Strategic Development and Emerging Markets, Vertex, Inc.

The inaugural ABC board members include: BDO USA LLP; BPM LLP; ConsenSys; Crowe Horwath LLP; Michigan State University Eli Broad College of Business; Microsoft; RSM US LLP ("RSM") and Vertex, Inc.